Meiji Yasuda Asset Management Co Ltd. Reduces Stake in Cognizant Technology Solutions Co. (NASDAQ:CTSH)

Meiji Yasuda Asset Management Co Ltd. lessened its position in shares of Cognizant Technology Solutions Co. (NASDAQ:CTSH) by 6.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 10,894 shares of the information technology service provider’s stock after selling 746 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Cognizant Technology Solutions were worth $838,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Thrivent Financial for Lutherans lifted its stake in shares of Cognizant Technology Solutions by 17.8% in the 3rd quarter. Thrivent Financial for Lutherans now owns 25,931 shares of the information technology service provider’s stock worth $2,001,000 after purchasing an additional 3,917 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new position in Cognizant Technology Solutions in the third quarter worth approximately $734,000. Cerity Partners LLC boosted its stake in shares of Cognizant Technology Solutions by 12.5% during the 3rd quarter. Cerity Partners LLC now owns 82,111 shares of the information technology service provider’s stock worth $6,337,000 after acquiring an additional 9,131 shares during the last quarter. Larson Financial Group LLC grew its position in shares of Cognizant Technology Solutions by 26,662.5% during the 3rd quarter. Larson Financial Group LLC now owns 2,141 shares of the information technology service provider’s stock valued at $165,000 after acquiring an additional 2,133 shares during the period. Finally, Private Trust Co. NA increased its stake in shares of Cognizant Technology Solutions by 28.9% in the 3rd quarter. Private Trust Co. NA now owns 1,694 shares of the information technology service provider’s stock worth $131,000 after purchasing an additional 380 shares in the last quarter. Institutional investors own 92.44% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CTSH shares. Mizuho raised Cognizant Technology Solutions to a “hold” rating in a report on Wednesday, March 19th. Morgan Stanley cut their price objective on Cognizant Technology Solutions from $85.00 to $80.00 and set an “equal weight” rating for the company in a research note on Wednesday, March 12th. Royal Bank of Canada restated a “sector perform” rating and set a $93.00 target price on shares of Cognizant Technology Solutions in a research note on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of Cognizant Technology Solutions in a research report on Thursday. Finally, StockNews.com upgraded shares of Cognizant Technology Solutions from a “hold” rating to a “buy” rating in a research report on Thursday, February 6th. Fourteen equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Cognizant Technology Solutions currently has a consensus rating of “Hold” and a consensus price target of $84.56.

Cognizant Technology Solutions Stock Down 0.3 %

NASDAQ CTSH opened at $77.58 on Friday. The stock has a 50 day moving average price of $82.72 and a 200-day moving average price of $79.47. Cognizant Technology Solutions Co. has a one year low of $63.79 and a one year high of $90.82. The company has a market capitalization of $38.37 billion, a P/E ratio of 17.20, a P/E/G ratio of 2.11 and a beta of 1.12. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.09 and a current ratio of 2.09.

Cognizant Technology Solutions (NASDAQ:CTSH) last issued its quarterly earnings data on Wednesday, February 5th. The information technology service provider reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.09. Cognizant Technology Solutions had a net margin of 11.35% and a return on equity of 16.78%. As a group, equities analysts predict that Cognizant Technology Solutions Co. will post 4.98 EPS for the current fiscal year.

Cognizant Technology Solutions Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, February 26th. Stockholders of record on Tuesday, February 18th were paid a $0.31 dividend. This represents a $1.24 annualized dividend and a dividend yield of 1.60%. This is a positive change from Cognizant Technology Solutions’s previous quarterly dividend of $0.30. The ex-dividend date was Tuesday, February 18th. Cognizant Technology Solutions’s dividend payout ratio (DPR) is presently 27.49%.

Cognizant Technology Solutions announced that its board has authorized a stock buyback plan on Tuesday, March 25th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the information technology service provider to reacquire up to 5.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Cognizant Technology Solutions Profile

Cognizant Technology Solutions Corporation, a professional services company, provides consulting and technology, and outsourcing services in North America, Europe, and internationally. It operates through four segments: Financial Services, Health Sciences, Products and Resources, and Communications, Media and Technology.